Former boxing promoter indicted in embezzlement

By
WITH ANALYSIS FROM MONITOR CORRESPONDENTS AROUND THE WORLD,
EDITED BY CLARA GERMANI /
July 31, 1981

Los Angeles

Former boxing promoter Ross Fields and two associates were indicted by a federal grand jury on charges of conspiring to defraud the Wells Fargo Bank out of more than $21 million -- believed to be the largest bank embezzlement in history.

The 32-count indictment of Mr. Fields, who rose to national prominence as Harold J. Smith, a flamboyant boxing promoter and director of Muhammad Ali Professional Sports, culminated a six-month investigation by agents of the Los Angeles office of the FBI. Three bank officers were also named in rel ated charges.